Stories
Can Indian Market Momentum Survive Global Uncertainty?
- •Indian equity markets extended their rally for a second straight week, with the Nifty 50 rising 2.77 percent to close at 23,146.15 and the BSE Sensex gaining 3.11 percent to end at 74,729.27.
- •Information technology stocks led the rally with an 11.7 percent gain, marking their biggest weekly increase in 18 years, supported by strong Q2 earnings and rising AI service revenues.
- •Foreign portfolio investors continued their selling streak for the eighth consecutive week, offloading equities worth Rs 8,990.50 crore.
- •Crude oil prices rose amid the Middle East conflict, with Brent reaching a high of $110 per barrel, while Wall Street ended the week on a weaker note due to AI stock sell-offs and high inflation data.
Key Questions Answered
Indian equity markets extended their rally for a second straight week, driven by strong buying in IT stocks, upbeat second-quarter earnings, a firmer rupee, and steady support from domestic institutional investors. The Nifty 50 rose 2.77 percent to close at 23,146.15, while the BSE Sensex gained 3.11 percent to end at 74,729.27.
Information technology stocks led the market rally with an 11.7 percent gain, marking their biggest weekly gain in 18 years. Sentiment received an additional boost when Infosys CEO Salil Parekh stated that AI services accounted for over 8 percent of the company's second-quarter revenue and grew at a double-digit sequential rate.
The rupee recovered 178 paise to close at 94.95 per dollar on October 16, aided by Reserve Bank of India support measures and a delay in implementing UPI MDR fees. Meanwhile, Foreign Portfolio Investors (FPIs) extended their selling streak to an eight consecutive week by offloading equities worth Rs 8,990.50 crore.
